Peter Mathews (Dublin South, Fine Gael)

I thank Deputy Tóibín for bringing forward this Bill, which underscores the need to carry out a comprehensive recalibration in respect of the remuneration and terms and conditions of employment of more than 60,000 people on whom there is a great strain at present. The Minister's response is fair and he accepts that the input given by the bringing forward of this Bill has meant the range over which consideration will be given in making new legislation will achieve a balance in protecting the earnings and terms of conditions of vulnerable people across many sectors and which have changed over the passage of even the past 15 years. The way of producing goods and services has changed in Ireland and we should have a framework reflecting that change.

The next issue operates in parallel to this topic. At the top levels of society in Ireland and the establishment there must be a review, and the Government has led by example in the remuneration of the Executive and the Government, as salaries have been revised downwards. It is important that we are not misled into being too accommodating of increases or requests to increase remuneration and salaries in the banking sector. In the conditions applying in the economy currently and for the foreseeable future, to seek any increase above the €500,000 limit set for the chief executives of banks is absurd. It could be reduced again. That is a professional and personal suggestion to take on board in parallel with this debate.

I thank Deputy Tóibín for bringing the Bill forward and I also thank my colleagues, Deputies Brendan Griffin, Richard Boyd Barrett and Finian McGrath, who made very useful contributions that should be noted in framing the legislation. I encourage the Minister to ask his Department to do everything to bring forward, without any delay, a well-balanced and structured new Bill.

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